PH, Singapore boost economic cooperation
THE Philippines and Singapore discussed enhancing cooperation in the areas of trade and investment, food security, start-ups, smart cities, technology, green power and supporting MSMEs, among others. Philippine Ambassador to Singapore Joseph del Mar Yap called on Singapore’s new Minister for Trade and Industry (MTI) Gan Kim Yong.
Yap briefed Gan Kim Yong on the state of the Philippine economy, the business and investment promotion activities jointly undertaken by the Philippine Embassy in Singapore with several Singaporean entities as well as the COVID-19 situation in the Philippines.
Yap informed Gan that the Philippines recently implemented the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Law designed to harmonize the taxation and incentives system for businesses in the Philippines which will stand to benefit foreign investors.
They expressed hope for the faster recovery of PH and Singapore as well as the other countries in the region.
Both the Philippines and Singapore economies have posted a positive economic growth in the second quarter of 2021, expanding by 11.8% and 14.3%, respectively.
Among the sectors that have contributed the most to this positive growth is the manufacturing sector, where both countries share a complementary linkage.
In 2019, Singapore was the single largest source of foreign investments in the Philippines.
